Abercrombie Strips CEO of Chairman Title

Retailer Names Three New Board Members in Bid to Improve Governance

By

Joann S. Lublin and

Lauren Pollock

Updated Jan. 28, 2014 3:20 p.m. ET

Abercrombie & Fitch Co. stripped Chief Executive Michael Jeffries of his title of chairman and named three new members to its board, steps aimed at improving governance at a teen retailer under pressure from weak sales and an activist investor.

The company also said it would terminate its shareholder rights plan, corporate speak for what is more commonly known as a "poison pill" and meant to deter unwanted takeovers....